NYC OTB Federal Credit Union, New York, New York

NYC OTB Federal Credit Union, New York, New York, was put out of it’s misery today by The National Credit Union Administration (NCUA) .

The NCUA liquidated the New York City-based OTB Federal Credit Union on Wednesday, the agency announced.

The $1.8 million credit union had a 7.1% decline in assets during the final quarter of 2010 and seen declines during three of the last four quarters, according to its financial performance report filed with the NCUA. Both its loan and investment income declined during three of the past four quarters.

Its net worth ratio was 4.7% during the final quarter of 2010, and was 8.77% during the third quarter.

Its delinquent loan ratio was 7.02% at the end of the fourth quarter of last year and 5.96% at the end of the third quarter.

It had a negative return on average assets during each of the previous four quarters.
OTB FCU is the third federally insured credit union liquidated this year.

For more information visit the NCUA web page for NYC OTB Federal Credit Union.